Primary. Even deleted tweets on his dpeeted candidate. Rubbing salt his wounds, he was ousted by backer steve bannon. And help on the way, millions are low on food in storm ravaged puerto rico. Cnn gets exclusive access to military ship with supplies. But with commercial shipping and air traffic severely limited, can enough help get there in time . Im wolf blitzer here in the situation room. This is cnn breaking news. Breaking news, president reveals plan to cut taxes and simplify tax rates. The president calls it a once in a generation opportunity. But insists the plan wont have the richest americans, including himself. He says the plan will bring back jobs and wealth to the economy. But its short on details and lawmakers will have to figure out how to pay for it. The push on taxes follows the latest failed effort by the president and the gop leadership to pass a health care bill. President insists republicans have the votes. But not right now. And at the same time, says heel negotiate with democrats on health care. The president is smarting from another big defeat after backing the loser in the Alabama Senate primary. His favorite candidate Luther Strange was badly beaten by far right former judge ray moore who twice was removed from the state supreme court. Moore was backed by former president ial adviser steve bannon. All of this as the Trump Administration begins to step up aid for storm devastated puerto rico where 3 million american citizens are right now short of water, food and fuel on an island with virtually no power. Ill speak with senator republican Foreign Relations committee, and correspondents, they are standing by with full coverage. After a series of stinging defeats, president is taking on taxes. Sara, the president doesnt have wind in his sails right now suffering two major defeats this week on health care and Alabama Senate pick. Thats right, wolf chlgt the president is headed back here to the white house from indiana where he has been touting tax reform at a time when he really does need a political win coming on the heels of an embarrassing move throwing his weight in the Alabama Senate race. President trump trying to shrug off another defeat after putting his Political Capital on the line in alabama. We have a man thats going to be a great senator. Reporter lavishing praise on moore, the winner of the senate. Even though he had Luther Strange. I have to say luther came along way from the time i endorsed him and ran a good race, but roy ran a really great race. Reporter trump happy talk on wednesday a far cry from his livid response from Election Results came in tuesday evening. Calling the race. Reporter sources say President Trump vented misled by Political Team and said Mitch Mcconnell all urged the president to campaign for strange. Trump not only held the rally but flexed his twitter might with comprehensive words of praise that were deleted without explanation overnight. The results in alabama coming on the heels of another embarrassing blow to trump agenda. The latest failed attempt to repeal and replace obamacare. The point is this, health care, we have it, we have the votes, because of reconciliation we have to wait until january, february, march, which well do. But in the meantime ill negotiate with democrats to see if we can make a bipartisan bill. Reporter today the president is insisting he has the gop votes to Pass Health Care. Even though members of his own parlt killed the effort earlier this week. Now health and Human Services secretary tom prices job could be in jeopardy. Not because of the latest health care fumble, but because he repeatedly charted private planes on the taxpayer dime, a move thats under review by the in spec tr general at hhs and itching the president. Ill tell you personally im not happy about it. I am not happy about it. Im going to look at it. Im not happy about it. And i let him know it. Reporter all of this on a day when trump is supposed to be touting tax reform, traveling to indianapolis. You just want massive tax cuts. Reporter and rallying support to pair back from tax rates from 7 down to 3. 12 , 25 , and 35 . The president also vowing to fight for a 25 Corporate Tax rate. A sharp decrease from the current 35 rate. But higher than the 15 corporate rate trump had originally been vying for. I wanted to start at 15 so that we got 20. It just, the numbers were 15 were so low, we didnt take in the revenue. But i wanted 15, so we got 20. 20 is my number. So im not negotiating that number. Reporter now the president is clearly still stew go over this health care defeat. He has said over and over again today that the republican votes are there to make this happen. That is just not the case. Even the bills sponsors have acknowledged the votes do not exist. Wolf . Sarah, thank you. Over at the white house. During his speech inane a india said targeted towards middle class jobs, not toward the wealthy. My plan is for the working people and my plan is for jobs. No, i dont benefit. In fact, very, very strongly, as you see, i think there is very little benefit for people of wealth. Well, lets dig deeper. Whats in the new republican tax reform plan, how it could effect you. Joining us from new york shes a Global Business columnist from the financial times. Al. He said this would provide little relief for wealth like himself. Is that true . In reality, no. Ill caveat that by saying its hard when 70 of your tax base individually is coming from the 10 top percent of the population, its hard not to have a tax plan not to did that. But i think its interesting talking about individual rates. The real thing is about Corporate Tax cuts. And its very unclear as of yet what the implications will be. The white house said well cut the Corporate Tax rate to 20 . Corporations are going to bring back all this money. Invest it here on main street in the u. S. Very unclear historical whether that is going to be the case. And we still have to see how much its going to cost. How much is it going to cost potentially . I think a lot of experts believe this is not going to be a revenue neutral plan. A lot of it depends how much growth do you get from a tax cut. The white house and many republicans have said that tax cuts just simply create growth. But there is not a lot of evidence in the last 20 years that thats the case. Now, that said, it is true that american Corporate Tax rates are higher than the average for most rich countries. 35 a lot higher than the oecd average. But corporations dont usually pay that 35 . You know the average American Corporation pays about 19 . So really this is about getting the legal rate down to what it already is. In fact, in closing those loop holes which is a going to be a big fight between industries and the republican party. The president says the wealthy wont necessarily benefit. He wouldnt benefit. But in one area he would benefit tremendously. The removal of the estate tax. Right now the first 11 million or so of the estate for a couple is tax exempt after 11 million there is significant taxes, 30, 40, 50 federal tax. If hes worth, as he says, 10 billion and he doesnt have to pay any tax on his estate, that would be an enormous bonanza for him and other wealthy people, right . Absolutely. And another issue is are wealthy people going to be able to take advantage of the lower rate on small businesses. 25 rate on small businesses. A lot of wealthy people can actually declare their own income as part of a small business. Its called a pass through exemption. And thats something thats going to have to be very carefully crafted to make sure that that doesnt become a loophole. Thank you very much. Good analysis. Lets get some more now joining republican. Thanks so much for joining us. Tlangs for having me. Do you support the tax plan that the president released today . I like the direction of the plan. Will is going to be a lot of debate ap amendments through open process. So i look forward to supporting a tax package for the American People that benefits working families across this country. But do you support this plan, this specific plan the president unveiled today . Well, i think there is a lot of merit to this plan. Lower the rates to 35 , 25 , bottom bracket of 0 if you take in account the married couple earns 24,000 yet wont pay taxes to zero bracket. So i think this is significant overcome plex system we have today. So i like this. I believe we can support this. A lot of work to do. And a lot of room to continue this debate. But, look, we live in ta country that spends the entire gdp of new zealand on tax preparation every year. Thats how much the money businesses and families pay to prepare our taxes. Thats insane. Lets let American Families and businesses keep more of their hard earned dollars in their pockets, and well see some incredible Economic Growth that benefits families. Hand with all the cuts in taxes its going to raise the deficit and there are various estimate right now, no hardest mate, but talking hundreds of billions, trl beyonce dollar, where is that money going to come from . I think discussion about offsets. That hapt been fully resolved yet. So hoop holes may be closed to make sure some of these expenditures are paid for. But i think its also important to recognize the Economic Growth. I know you had ha analyst on that doesnt believe that. I dont believe that. Its simple. If you let American Families keep more of their own dollars theyll invest it in jobs and the way their families want and spend it. And thats going to result in a dynamic model that results in more revenue to the federal government. Tan thats better for economy and better for jobs and better for colorado. This is great way to start it. When senator shchumer says its going to end up costing the American Public lots of money what do you say . Its about an election coming up in 2018 where its going to be difficult for him to go against people who have seen Economic Growth to the level we believe we can get it to. Was it the Health Care Repeal and replace cut in spending there, the cut in costs, going to supposedly pay for a lot of these tax cuts, since that failed, that money is not available any longer . Well, again, i think its about making sure that we look at this through a dynamic lens, the growth the economy will incur as a result of this. But again if you look at what 1 of gdp growth will mean, we are talking hundreds of billions of dollars in Economic Activity that will be resulting from that. So this is exciting time to be investing in america. Lets talk about the health care vote. The president said today a couple times he said we have the votes to Pass Health Care under the 50 vote rule he blamed the failure to repeal obamacare. But thats not true based on reading. Because three senators already stated their opposition to the latest bill. And that would put it short of the 50 vote requirement. So why do you think the president made that claim . Well, perhaps the president had discussions with the members that im unaware of. But i know publicly stated opposition from rand paul and Susan Collins and john mccain made it difficult to pass the bill. Because he said they had the votes but only because of senator thaad because he was ill and in washington and it failed. That wasnt true. Republicans as you know they are eager to move pass their failure to repeal and replace obamacare. If the gop cant deliver on a key promise like that, how is the party going to pass all of the significant tax reform . Well, i think thats a great question f and i think the American People who around the country put a new majority in charge in 2014 in the senate, they elected majority in the house of representatives in 2010 for new congress in 2011, they want results. And campaign over the past several years focused on replacing and repealing obamacare. That can still happen. We have more work to do, obviously. But we cant fail on health care and tax reform. We have to previed results to the American People. Look, there are far too many many people who, as i said earlier, havent received the kind of wage increase, wage growth that we know we can deliver in this country. They havent schein the kien of opportunities we know we can deliver. And passing tax reform is ab absolutely critical to that. As you know t Mitch Mcconnell is deeply irritated according to all these reports, the president. Is Mitch Mcconnells job do you believe in jeopardy . Look, im not going to get into the intrigue of politics. I think well continue to support the work thats being done by the leaders. Mitch mcconnell is the leader. We know we can do better for this country by making we pass pro growth, tax package that will put hard working families in a better place. Are you happen which the job Mitch Mcconnell is doing . Its not about happiness with any individual. The American People are the utah mate judge of that t and right now the American People want us to do our job. They expect washington to get results to get out of the way. And thats what we have to do. This was a bad week for him, the defeat of the Health Care Repeal and replace, and the defeat of his chosen candidate in the republican primary in alabama. And now all these reports that the president is deeply irritated with him. Let me repoot the question. Do you believe heel stay the republican leader in the senate . Absolutely, yes. And look, what we have to do, we are going to stay in the majority as long as we can prove to the American People voters across this country that well do our job. And we have to do that. We have to make sure americans know in november 2018, 2020, 2022, that they are better off. Its not about politics and its about doing whats right for the American People. Senator, more we need to discuss, including escalating tension between United States and north korea. Id like you to stand by. Well resume our conversation right after this. Thank you. Money managers are pretty much the same. All but while some push High Commission investment products, Fisher Investments avoids them. Some advisers have hidden and layered fees. Fisher investments never does. And while some advisers are happy to earn commissions from you whether you do well or not, Fisher Investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other money managers. Fisher investments. Clearly better money management. Breaking news right now the white house is stepping up its Disaster Response for puerto rico. And President Trump now says the administration is thinking about lifting restrictions on shipments to the devastated u. S. Territory. Talking with senator. Stand by. I went to go live first to puerto rico where millions of citizens are short on fuel and food on island with no power. Our correspondent is on the scene for us. Tell us what you are learning. Reporter okay, we have to look at how the military is trying to contribute with the relief and recovery effort, which is still has so far to go. We were flown out on navy chopper to the u. S. Off the coast of puerto rico. Shipped off from norfolk end of august, wolf, to help from damage from hurricane harvey, but instead its been hit in the region by Hurricane Irma and now maria. And this ship and other ships in the region, they are able to fly from their fleet of helicopters, vertical take off os pry, from trucks and bulldozers here to the island, they can help. But there is just only so much they can do. And they are having to prioritize. The admiral said the challenge is to get to every hospital to help provide fuel so they can run their generators to speem in Critical Condition dont expire due to a loss of electricity. They shipped to the island potable water. So then you have added challenge that even some 2500 u. S. Troops, not including national guard, cant really help with. There arent enough truckdrivers and trucks with fuel in them. They there are long gas lines to distribute the food and water and fuel to various locations around the island. This is an island of 3. 4 million people. So even the impressive military assistance we have seen thus far, and its scheduled to expand, isnt enough, when people are running out of cash because even the atm machines dont work anymore. And its become a virtually cash only economy here in just the last week. So understand ply the people there must be so frustrated. Give us a little sense of that frustration. Reporter well, ill give you one example. On board this assault ship, i met several u. S. Navy sail ors who are themselves puerto rico and here they are sailing in sight of puerto rico and they havent been able to talk to their parents and somebody blinks on this stricken island. Can you imagine how that feels to be sailing offshore, to be loading helicopters with food ann and essentials but not check to see if your parents are okay. They say they are trying to help but heavy burden while also trying to help their home. Just imagine that feeling of impotence there. Its an awful situation. Well get back to you and our other colleagues in pu